这场经典的赛事，甚至还用慢动作播放精彩的第四节，我们以今年封面的颜色表 .28
Today, many companies matter-of-factly favor Wall Street analysts and
institutional investors in a variety of ways that often skirt or cross the
line of unfairness. These practices leave the great bulk of shareholders
at a distinct disadvantage to a favored class.
在演说的另一段内容中，Levitt主席对于他称之为"选择性揭露"的行为感到遗
憾，他的这项评论正中时弊，如今许多公司明显偏袒华尔街的分析师与机构投资
人，其种种行径早已逾越公平合理的界限，这种行为让其它广大的股东与投资大
众处于不利前者的劣势地位。
At Berkshire, we regard the holder of one share of B stock as th
equal of our large institutional investors. We, of course, warmly
welcome institutions as owners and have gained a number of them
through the General Re merger. We hope also that these new holders
find that our owner's manual and annual reports offer them more
insights and information about Berkshire than they garner about other
companies from the investor relations departments that these
corporations typically maintain. But if it is "earnings guidance" or the
like that shareholders or analysts seek, we will simply guide them to our
public documents.
在Berkshire即使是持有一股B股的小股东其所得到的待遇，也与其它大型投资
机构投资人并无二致，当然我们也很欢迎大型的投资机构法人成为我们的股东，
事实上经由通用再保的购并，确实也带进许多投资机构法人，同时我们也希望这
些新加入的股东能够发现由我们所提供的股东手册与公司年报，较之其它公司一
般公关部门所提供的讯息更为有用，给他们更多的启发，不过要是股东或分析师
想要的是公司的盈余预估，那么我们就只能请他们直接参考我们已对外公布的公
开文件。
This year we plan tpost our quarterly reports on the Internet
after the close of the market on May 14, August 13, and November 12.
We also expect to put the 1999 annual report on our website on
Saturday, March 11, 2000, and to mail the print version at roughly the
same time.
今年我们预计分别在5/14、8/13及11/12将季报公布在公司的网站上，另外
也预计在2000年3月11日星期六将年报公布在网站上，并在同一时间将年报
邮寄出去给所有的股东。
We promptly post press releases on our website. This means tha
you do not need to rely on the versions of these reported by the media
but can instead read the full text on your computer.
同时我们也会立即将相关的新闻公布在我们的网站上，也就是说你不需要依赖经
过报章媒体消化过的二手消息，而可以轻轻松松在家透过计算机直接读到最原始的
内容。
Despite the pathetic technical skills of your Chairman, I'
delighted to report that GEICO, Borsheim's, See's, and The Buffalo News
are now doing substantial business via the Internet. We've also recently
begun to offer annuity products on our website. This business was
developed by Ajit Jain, who over the last decade has personally
accounted for a significant portion of Berkshire's operating earnings.
While Charlie and I sleep, Ajit keeps thinking of new ways to add value to
Berkshire.
虽然本人的计算机技能相当的低落，但是我还是很高兴地向各位报告，我们旗下的
事业，包含GEICO、波仙珠宝、喜斯糖果以及水牛城新闻在内现在皆已透过网
路从事大量的商务活动，同时我们也开始在网站上贩卖相关的年金产品，这项业
务主要是由Ajit Jain所负责开发，他个人在过去十年来为Berkshire贡献了大
量的盈余，每当查理跟我休息时，Ajit还是无时无刻不在为Berkshire想出增进
价值的方法。
Shareholder-Designated Contributions
股东指定捐赠计划
About 97.5% of all eligible shares participated in Berkshire'
1998 shareholder-designated contributions program, with
contributions totaling $16.9 million. A full description of the program
appears on pages 54-55.
大约有97.5%的有效股权参与1998年的股东指定捐赠计划，捐出的款项总计
约1,690万美元，详细的名单参阅附录。
Cumulatively, over the 18 years of the program, Berkshire ha
made contributions of $130 million pursuant to the instructions of our
shareholders. The rest of Berkshire's giving is done by our subsidiaries,
which stick to the philanthropic patterns that prevailed before they were
acquired (except that their former owners themselves take on the
responsibility for their personal charities). In aggregate, our
subsidiaries made contributions of $12.5 million in 1998, including
in-kind donations of $2.0 million.
累计过去18年以来，Berkshire总计已依照股东意愿捐赠出高达1.3亿美元的
款项，除了之外，Berkshire还透过旗下的子公司进行捐赠，而这些慈善活动都
是早在他们被我们购并以前就行之有年的(先前的老板自行本身负责的个人捐赠
计画之外除外)，总的来说，我们旗下的关系企业在1998年总计捐出1,250万
美元，其中包含200万美元等值的物品。
To participate in future programs, you must own Class A share
that are registered in the name of the actual owner, not the nominee
name of a broker, bank or depository. Shares not so registered on
August 31, 1999, will be ineligible for the 1999 program. When you get
the contributions form from us, return it promptly so that it does not
get put aside or forgotten. Designations received after the due date will
not be honored.
想要参加这项计画者，必须拥有A级普通股，同时确定您的股份是登记在自己
而非股票经纪人或保管银行的名下，同时必须在1999年8月31日之前完成登
记，才有权利参与1999年的捐赠计画，当你收到表格后，请立即填写后寄回，
以免被丢在一旁给忘记了，逾期恕不受理。
The Annual Meeting
年度股东大会
This year's Woodstock for Capitalists will be held May 1-3, an
we may face a problem. Last year more than 10,000 people attended
our annual meeting, and our shareholders list has since doubled. So we
don't quite know what attendance to expect this year. To be safe, we
have booked both Aksarben Coliseum, which holds about 14,000 and
the Holiday Convention Centre, which can seat an additional 5,000.
Because we know that our Omaha shareholders will want to be good
hosts to the out-of-towners (many of them come from outside the U.S),
we plan to give those visitors first crack at the Aksarben tickets and to
subsequently allocate these to greater Omaha residents on a firstcome,
first-served basis. If we exhaust the Aksarben tickets, we will
begin distributing Holiday tickets to Omaha shareholders.
今年Berkshire的伍斯达克将在五月1号到3号举行，只是我们面临到一个问
题，去年总计有超过一万名的股东来参加我们的年度股东会，而如今我们股东的
人数又增加了一倍，这使得我们很难预估今年到底会有多少股东与会，为了安全
起见，我们特别订下可容纳14,000名观众的阿肯萨本体育馆，另外外加5,000
个座位的Holiday会议中心，而奥玛哈地区的股东们为了尽地主之谊，也特地
将场地的前排座位让给外城市来的股东(很多都来自海外)，至于大奥玛哈地区的
股东则采取先到先选的方式入座，如果阿肯萨本体育馆的门票发光了，就会开始
发放Holiday会议中心的门票给奥玛哈地区的股东。
If we end up using both locations, Charlie and I will split ou
pre-meeting time between the two. Additionally, we will have exhibits
and also the Berkshire movie, large television screens and microphones
at both sites. When we break for lunch, many attendees will leave
Aksarben, which means that those at Holiday can, if they wish, make the
five-minute trip to Aksarben and finish out the day there. Buses will be
available to transport people who don't have cars.
而万一要是两个场地还不够，查理跟我就会将正式会议前的时间分成两部份，此
外，在两个会场我们都准备了展示品、Berkshire特别制作的影片、大型的电视
屏幕以及麦克风，等到中午休息时间，许多与会者陆续离开阿肯萨本体育馆后，
此时坐在Holiday会议中心的股东就可以利用简短的五分钟时间参观一下会
场，然后一直待到会议结束，会后我们也备有巴士接送没有开车的股东。
The doors will open at both locations at 7 a.m. on Monday, andt
8:30 we will premier the 1999 Berkshire movie epic, produced by Marc
Hamburg, our CFO. The meeting will last from 9:30 until 3:30,
interrupted only by the short lunch break.
大门会在星期一早上七点开放，同时照例在八点半会播放由我们财务长Marc
Hamburg精心制作具顶级水准的Berkshire 1999年电影短片供大家欣赏，扣
除中午短暂的休息时间，整个会议将一直进行到下午三点半。
An attachment to the proxy material that is enclosed with thi
report explains how you can obtain the badge you will need for
admission to the meeting and other events. As for plane, hotel and car
reservations, we have again signed up American Express (800-799-
6634) to give you special help. In our normal fashion, we will run buses
from the larger hotels to the meeting. After the meeting, these will make
trips back to the hotels and to Nebraska Furniture Mart, Borsheim's and
the airport. Even so, you are likely to find a car useful.
后面附有股东会开会投票的相关资料，跟各位解释如何拿到入场所许的识别证，
由于预期会有相当多的人与会，我们建议大家最好先预订机位与住宿，美国运通
(电话800-799-6634)将会很高兴为您提供相关安排服务，如同以往，我们会
安排巴士接送大家往返各大旅馆与会场之间，并在会后接送大家到内布拉斯加家
具店与波仙珠宝店或是到饭店与机场，当然你可能会觉得如何有一辆车就更方便
了。
The full line of Berkshire products will be available atksarben,
and the more popular items will also be at Holiday. Last year we set
sales records across-the-board, moving 3,700 pounds of See's candy,
1,635 pairs of Dexter shoes, 1,150 sets of Quikut knives and 3,104
Berkshire shirts and hats. Additionally, $26,944 of World Book products
were purchased as well as more than 2,000 golf balls with the Berkshire
Hathaway logo. Charlie and I are pleased but not satisfied with these
numbers and confidently predict new records in all categories this year.
Our 1999 apparel line will be unveiled at the meeting, so please defer
your designer purchases until you view our collection.
在阿肯萨本体育馆的会场我们也将备有Berkshire全系列的产品供大家选购，另
外我们也会把其中最热门的商品陈列在Holiday会议中心，去年我们再度打破
记录，大家总共搬走了3,700磅的糖果、1,635双的鞋子、1,150组Quikut
小刀以及3,140件Berkshire的衣服与帽子，另外也卖出26,944美元的世界
百科全书与相关出版品以及2,000颗上面印有Berkshire Logo的高尔夫球，老
实说，查理跟我对于这样的成绩并不太满意，不过我们相当有信心今年一定能够
再度刷新所有品项的记录，而我们1999年全新的服装也将在会议期间公布，所
以请大家在看过我们的样式之前，暂且将今年的治装费保留住。
Dairy Queen will also be on hand and will again donate al
proceeds to the Children's Miracle Network. Last year we sold about
4,000 Dilly. bars, fudge bars and vanilla/orange bars. Additionally,
GEICO will have a booth that will be manned by a number of our top
counselors from around the country, all of them ready to supply you
with auto insurance quotes. In almost all cases, GEICO will be able to
offer you a special shareholder's discount. Check out whether we can
save you some money.
乳品皇后也将再度在现场摆设摊位，同时将所得全数捐给儿童希望联盟，去年我
们总共卖出4,000根Dilly、雪花棒以及香草/橘子口味的巧克力棒，此外GEICO
公司会再度派出各地区最优秀的业务员，在会场设立摊位，随时提供股东们汽车
保单的报价，在大多数的情况下，GEICO都可以提供给你一个相当优惠的股东
折扣，各位记得问看看是否能帮自己省下一笔钱。
Thpiece de resistance of our one-company trade show will be a
79-foot-long, nearly 12-foot-wide, fully-outfitted cabin of a 737
Boeing Business Jet ("BBJ"), which is NetJets' newest product. This plane
has a 14-hour range; is designed to carry 19 passengers; and offers a
bedroom, an office, and two showers. Deliveries to fractional owners
will begin in the first quarter of 2000.
这次的会议还有另一位主秀，那就是79英尺长、12英尺宽、全配备的波音737
商务机展示座舱(简称BBJ)，这是Netjet最新推出的产品，这架飞机飞行时数长
达14个小时，可搭载19位乘客，并附有一个卧室、一间办公室以及两套淋浴
设备，预计在2000年春季加入服务客户的行列。
The BBJ will be available for your inspection on May 1-3 near th
entrance to the Aksarben hall. You should be able to minimize your wait
by making your visit on Saturday or Sunday. Bring along your checkbook
in case you decide to make an impulse purchase.
BBJ在五月1日到3日期间，将会陈列在阿肯萨本体育馆的大厅入口处，不想排
队的人最好提早在星期六或星期日去参观，记得随身携带你的支票本，以备一时
心动的不时之需。
NFM's mti-stored complex, located on a 75-acre site about a
mile from Aksarben, is open from 10 a.m. to 9 p.m. on weekdays, and
10 a.m. to 6 p.m. on Saturdays and Sundays. This operation did $300
million in business during 1998 and offers an unrivaled breadth of
merchandise -- furniture, electronics, appliances, carpets and
computers -- all at can't-be-beat prices. During the April 30th to May
4th period, shareholders presenting their meeting badge will receive a
discount that is customarily given only to its employees.
占地75英亩的NFM多层复合式建筑距离阿肯萨本体育馆约1英哩远，营业时
间平日从早上10点到下午9点，星期六及星期日则从早上10点到下午6点，
NFM 1998年单店的营业额高达三亿美元，提供各式各样的产品，举凡家具、
电子产品、小家电、地毯以及计算机，全部都以超低的价格供大家选购，在四月
30日到五月4日期间，股东只要持随股东开会通知单附赠的优惠券到NFM购
买各类商品，都可获得员工价的优惠。
Borsheim's normally is closedn Sunday but will be open for
shareholders from 10 a.m. to 6 p.m. on May 2nd. On annual meeting
weekend last year, the store did an incredible amount of business. Sales
were double those of the previous year, and the store's volume on
Sunday greatly exceeded volume for any day in Borsheim's history.
Charlie attributes this record to the fact that he autographed sales
tickets that day and, while I have my doubts about this proposition, we
are not about to mess with a winning formula. Please give him writer's
cramp. On last year's Sunday, Borsheim's wrote 2,501 tickets during the
eight hours it was open. For those of you who are mathematically
challenged, that is one ticket every 11 seconds.
平时礼拜天不营业的波仙珠宝，特地在五月二日股东会当天会为股东与来宾开
放，从中午开到下午6点，去年在股东会的那一个周末，我们缔造了历史最佳
的记录，业绩比前一个年度成长一倍，星期天的单日销售额打破历史记录，查理
臭屁的认为这完全要归功于当天他在现场接受大家用发票索取签名的缘故，当然
我对于这样的推论持保留态度，我不认为这是成功方程式中的重要因子，在去年
星期天短短8个小时的营业时间内，波仙总共开出了2,501张的发票，数学好
的人可以掐指一算，这约等于每11秒钟开出一张发票，不过请大家千万不要对
查理客气，务必让他签名签到手抽筋。
Shareholders who wish to avoid Sday's crowd can visit
Borsheim's on Saturday (10 a.m.-5:30 p.m.) or on Monday (10 a.m.-8
p.m.). Be sure to identify yourself as a Berkshire owner so that Susan
Jacques, Borsheim's CEO, can quote you a "shareholder-weekend" price.
Susan joined us in 1983 as a $4-per-hour salesperson and was made
CEO in 1994. This move ranks as one of my best managerial decisions.
怕挤的股东可以选择在星期六(早上10点到下午5点半)或星期一(早上10点到
下午8点)光临波仙珠宝，记得向波仙的总裁-Susan Jacques 表明你Berkshire
股东的身分，如此她才能够给各位股东周末的优惠价，Susan在1983年从每
小时时薪4美元的业务员做起，并在1994年成为公司的总裁，这项人事调整
事后证明是我一生中最佳的管理决策之一。
Bridge players can look forward to a thrill on Sunday, when Bo
Hamman -- the best the game has ever seen -- will turn up to play with
our shareholders in the mall outside of Borsheim's. Bob plays without
sorting his cards -- hey, maybe that's what's wrong with my game. We
will also have a couple of other tables at which another expert or two
will be playing.
桥牌爱好者请屏息以待，桥牌界的传奇性人物Bob Hamman将会在星期天下午
出席在波仙珠宝店外面大厅举办的一场桥牌大赛，Bob打牌从来不用整理排堆，
嘿嘿!或许这就是我为什么一直打不好的原因，当然现场还会有其它高手出现与
大家一起打牌。
Gorat's -- my favorite steakhouse -- will again be ope
especially for Berkshire shareholders on the Sunday night before the
meeting. Though Gorat's served from 4 p.m. until about 1 a.m. last year,
its crew was swamped, and some of our shareholders had an
uncomfortable wait. This year fewer reservations will be accepted, and
we ask that you don't come on Sunday without a reservation. In other
years, many of our shareholders have chosen to visit Gorat's on Friday,
Saturday or Monday. You can make reservations beginning on April 1
(but not before) by calling 402-551-3733. The cognoscenti will
continue to order rare T-bones with double orders of hash browns.
我个人最爱的牛排馆-Gorat's为了Berkshire股东年会破例在星期天开门营
业，虽然去年Gorat's牛排馆从下午四点开始营业，一直到半夜一点半，但是餐
厅还是被拥挤的人群给挤爆了，以致于让许多股东等候多时，今年我们将减少订
位人数，事先没有订位的人请勿前往以免向隅，当然股东也可选择在星期五、星
期六或星期一前往，该餐厅从四月一号后才开始接受预订(电话402-551-
3733)，识途的老马都知道要点丁骨\牛排加上双份的牛肉丸。
